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3? CD ° -» 0) Q. S’ ® CO Unlike the central banks of most countries, which are single institutions, the Federal Reserve System consists of the Board of Governors, the Federal Open Market Committee, and a network of 12 District Banks. In addi tion, several statutory and working committees meet with and advise the Board throughout the year on bank ing and consumer issues and economic matters, to help the Board deal with its varied responsibilities. Advisory Committees - CD s p K. « CD The C o nsu m er Advisory C o un cil is a s ta tu to ry body, e s ta b lis h c co ed by C ongress in 1976 a t the sug gestion of the Board. In CD o co 03 13' CO ~n o —T T 3 - CD Q . r - 1- GJ O o plem entatio n of consum er reg ulation s and o th er consum er- 0 “ *• O 13 O 3 < — CD jo 3 ro S 3 0 < D cluding both consum er and cred ito r rep resentatives, the C oun cil m eets four tim es a year to advise the Board on its im do o 03 CJl CD O CD 01 CO ■< related m atters. 6. Organization and Advisory Committees A SERIES ON THE STRUCTURE OF THE FEDERAL RESERVE SYSTEM CO The chart on the inside shows the relationships and general responsibilities of these various units of the Federal Reserve System. r -f The Federal Reserve A ct prescribes a F ed e ra l Advisory Council, CD 3 consisting of one m em ber from each F ederal Reserve D is tric t— usually a b an k e r— elected ann ually by the Board of Directors of each of the 12 Federal Reserve Banks. They m eet with the F ederal Reserve Board at least four tim es a year to discuss business and fin a n c ia l con dition s and m ake advisory reco m m endations. > Follow ing passage of the Depository In s titu tio n s D eregulation and M on etary Control Act of 1980, the Board of G overnors estab lish ed the Thrift In s titu tio n s Advisory C o u n cil w hose pur pose is to provide info rm ation and view s on the sp ecial needs and problem s of th rifts. The group is com prised of represen tatives of m u tual savings banks, savings and loan associatio ns, and credit unions. Such institu tio ns are now subject to System reserve req uirem ents and have access to the d isco un t w indow and to other System services. Initiated by the Board in the 1960’s, m eeting s of the A cad e m ic C o nsu ltants provide a forum for the exchang e of views betw een the Board and m em bers of the acad e m ic com m u nity in e conom ics and banking. M eeting s are held 3 -4 tim es a year in W ashin gton . OUT) -* o o 5 “ w </> O 0) CO A u g u s t 1982 FRB 1-50000-0882 ® 5T n 2,(Q 2 ^ ® c l CD 03 CD o co ® r ; CD 05 CD 5 jCD ^Q _ — 3 3 3 -n CD O j P < «> ® T3 % £ co Q. , v o t v Organization Chart of the Fed E s ta b lis h e s D is c o u n t Rate Key Tools of Monetary Policy
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